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CNBC
Oct 25, 2012 3:00pm EDT
ones like mexico and latin america are tied more directly to the united states. >> so you must believe that they're going to fix the fiscal cliff if you think things will be better next year. >> well, we think they'll muddle through eventually. our best guess is they'll kick the can down the road between now and the new congress and administration and the pressure will be on that at some point they'll work things out. hopefully in a fairly reasonable manner. i mean, it's another two years for the next election and four years until the next presidential election. so maybe they've got a little incentive to sit down and talk now. >> yeah, wouldn't that be nice? >> from your mouth to god's ears. >> jim bianco, what are you looking at right now ? what are you buying? >> i'm really looking at the election. i think this market has been all about monetary stimulus for the last two years. the rally we've had since june has been about qe-3. the concern we've had in the last few weeks other than earnings has been a romney presidency, means bernanke gets replaced. that's what's driving markets. un
CNBC
Oct 2, 2012 3:00pm EDT
have been through a difficult decade, especially equity investors in the united states have suffered some real turmoil in their returns, and they've been bombarded by these messages that generate fear. they're legitimate concerns. the world is a very uncertain place. so we're telling -- >> who's buying -- that's the question, who's doing the buying right now? >> i don't think i have a perfect answer for you on that. i can't identify all the buyers out there for you. i'm sorry. >> okay. >> are they chasie ining growth? i mean, yours for a long time has been a growth shop. just the last several weeks we're seeing managers chase some of those growth companies. where's the money moving, the money that you are seeing moving? >> well, growth has outperformed value this year. we've seen it has happened in stocks that are the larger, better known names. so what we're seeing is that as the fear translates through equity investing, those folks who are buying equities tend to buy the larger, better known names. those names have done quite well relative to the rest of the indices. >> so let's ta
CNBC
Oct 8, 2012 3:00pm EDT
the united states, qe3 recently announced, central banks active all over the place, looking to stimulate economies? as long as that is active, can we avoid a more worsening problem? >> here's the problem. central banks are being asked to do two very difficult things. one is to limit downside risk completely and the second is to promote growth. the problem is now that the burden is being put entirely on central banks, without other policies, fiscal policies, financial sector reforms, supporting central bank policies, central banking is not able to get traction in terms of supporting growth. it is limiting downside risk. right now i think that's the best we can hope for from central banks around the world. to but a floor on risk. supporting growth, i don't think central banks can do very much. >> your assessment of what eswar just said, are we going into a global recession? >> no, i don't think we're going into a global recession. i agree with what he has said about the weakness in the global economy. also a little about the u.s.'s sort of different position here. but i think the
CNBC
Oct 29, 2012 3:00pm EDT
affect the united states. it will be the strongest nontropical storm. even though it's a super storm, its not a super hurricane. i want folks to understand that. >> get our nomenclature down properly. thank you very much. scott cohen in battery park city, on the southern part. shore, in the mandatory evacuation zone. what's it like down there right now, scott? >> reporter: bill, as you can see, the water is behind me. new york harbor is getting angrier and angrier, as the tide begins to rise as we head into evening. the wind at ground level aren't that bad. it's the winds above. as all advisories say, you get into high-rise buildings, the winds get that much stronger. take a look at that precarious situation uptown from here, up at 57th and 6th avenue with the partial crane collapse. you get above into the high-rise buildings, that's where the situation becomes even more and more difficult with the wind. come back to me live here now at battery park. we're talking about a 6 to 11-storm storm surge. that's what they're saying. in other words, that is 6 feet above what you're expecting
CNBC
Oct 24, 2012 3:00pm EDT
want united states. the more exposure you have to the rest of the world, the more likely it is you're going to run into trouble. look at the companies having trouble. they're all having trouble because they're overseas operations. the profit cycle is already starting to turn up. >> do you worry this market has been trading so much on central bank easing and when we actually do look at the focus on fundamentals it trades down? that, in fact, the broad, you know, backdrop is actually quite anemic? >> let's face it, the central banks are, in fact, the only game in town, so markets are going to pay attention to that. to richard's point, when you look at guidance out there, close to 90% of the companies offering guidance, it's negative guidance. in fact, that's setting us up for potential surprises on the upside. if so many companies are telling you that the guidance is really bad, that bar is being set very low. even a small positive surprise can be positive for the market. >> just a wild guess, i'm guessing you're buying consumer related stocks then? >> i think eventually consumer
CNBC
Oct 16, 2012 3:00pm EDT
a guarantee relative to the future cost of purchasing power in the united states. it has a real yield and it protects you against inflation. real assets like gold and, you know, tips and perhaps municipal bonds, which are cheap and are s a -- assets for the future. >> bill, glad you could join us. >> all right. we're in the final stretch of trading. we have a market holding on to a pretty good rally. dow industrial is up 103 points. financials leading the way. >> bill gross says the markets have plateaued, and they've plateaued again today. this guy is incredible. >>> is citi ceo vikram pandit's shocking departure a warning of things to come in the financial sector? kevin warrish and robert zelic will weigh in on that coming up. >>> then citigroup's largest individual shareholder giving his support to vikram pandit when i spoke to him earlier this year. >> the group under the leadership of vikram is doing really, really well. vikram was able to stabilize the company. >> and today he told me that vikram steps away with citi at its peak. so why did pandit resign abruptly? is more
CNBC
Oct 15, 2012 3:00pm EDT
. i've been a superintendent for 30 some years at many different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> welcome back. microsoft has not had the best track record when it comes to music, that's for sure. the company is now doubling down on the biggest music venture yet. julia with the story. >> reporter: we remember the zune disaster but now microsoft is launching four different music services under the umbrella of xbox music, tying them to its successful and popular video game console brand, as it builds an entertainment ecosystem to take on apple. xbox's global catalog of 30 million
CNBC
Oct 4, 2012 3:00pm EDT
attracts more business back to the united states. >> ddiana, how did that work ou during the bush administration? we lowered taxes, we got the same argument you're giving now. by the way, we'll have plenty left over to reduce the debt. that didn't work out so well. that theory, lower taxes for the rich, that theory does not hold water after the last 20 years. it's kind of impressive that you keep spouting it though. >> actually, there are reports and studies out there that show when you lower taxes, there are studies out there and even a former head of the economic committee in the obama administration, her and her husband came out with reports and studies years ago. when you lower taxes, it encourages businesses to put more money into the economy and hire and individuals to put more money into the economy and spend. [ overlapping speaking ] >> all else being equal, lower taxes are definitely better than higher taxes. i don't dispute that. nobody disputes that. all else isn't equal. if you finance those tax cuts for the rich with huge amounts of debt as george w. bush did and as m
CNBC
Oct 11, 2012 3:00pm EDT
enough offset. you think the renewed strength in housing in the united states is enough? >> for some companies, it will be enough. for companies like caterpillar, it may not be. that's a fair point. about half of caterpillar's operating profits now come from mining equipment, which although directly not sold to china, it is sold into areas like australia and south america as a result of commodity prices. the lower commodity prices that we've seen because of china's slowdown has led to delays in miner's capital expenditure plans. >> stacey, is there anything you'd buy right now in the categories we've been talking about? >> i think there are a few companies that have big expos e exposure? europe like ralph lauren. but they don't have the exposure to the asian tourism. lastly, coach. it was really a self-inflicted couponing problem in their factory outlet. i think that's a stock to look at. certainly that's an underdog here. micha micha michael. >> explain what a couponing problem is. >> they took it away. >> sorry about that. they did. what coach did in their factory outlets, they too
CNBC
Oct 10, 2012 3:00pm EDT
still way to high in the united states. i think senator schumer hurt the process because it's typical washington gamesmanship trying to put pressure on the gang of eight, a bipartisan group of republicans and democrats that are trying to solve this problem in a bipartisan way, and he's out there trying to position the group and trying to put pressure on them from the outside. i think -- >> david, i didn't understand that at all. why is he talking at all at this point? >> right. >> david? >> well, just to be clear, the gang of eight doesn't have a proposal yet, but it's likely to look similar -- >> that's not the spirit of the question. they're working on one. already he's trying to interfere before they get started, right? >> it's likely to look like the gang of six proposal back in july. that was an unacceptable proposal. there was almost $3 billion in spending cuts and just $1 trillion in tax hikes. after this big, long binge of low tax rates, the bill comes due, and the gang of six, now the gang of eight, wants the middle class to largely pick up the bill through cuts to spending.
CNBC
Oct 5, 2012 3:00pm EDT
hispanic population in the united states is growing at a very fast rate. our portfolio is almost 100% mexican. there's a great interest both amongst the hispanic population as well as the general market in latino products. so in general, those things favor continued growth in our beer business. >> yeah, we asked half jokingly -- i'm hispanic, by the way. we asked half jokingly, do people drink more during a weak economy? it does seem intuitive that your business would be countercyclical. is it? >> we don't say that the business is countercyclical. it's not particularly cyclical. you know, what we like to say is it's not recession proof, but it is recession resistant. as a general proposition, we don't think people drink more or less, but what we really see in tough economic times is what we call channel shifting. what we mean by that is people tend to drink more off premise, meaning at home, than they do on premise, at restaurants, bars, and so on, where it's more costly to drink. that channel shift really doesn't affect us from a margin or profitability perspective. >> the jobs numb
CNBC
Oct 23, 2012 3:00pm EDT
united states and china. >> it saw a 40% jump in year over year sales in china. you wonder, can the momentum keep going? especially with a slowdown here in the united states again. joining us now is the chairman and ceo lou frankfurt. is it your category? is it the geographic region you serve? why are your numbers so much better than others that are turning in disappointing revenue right now? >> we're speaking about china now? >> china and u.s. >> with regard to china, we're a position that's an accessible luxury brand, which means our price points are 40 to 60% lower than the average european brand. we are much more in reach for the emerging middle class. consumers tell us that 90% who own coach products express a positive intention to repurchase. so we're finding acceptance everywhere, not just in our primary china cities but in tier two and tier three cities as well. >> you've expanded so much around the world, particularly in china. what's your plan now? given the backdrop of the economy. we know things are slow, even if it's not hitting your category. how do you resize the busi
CNBC
Oct 31, 2012 3:00pm EDT
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CNBC
Oct 26, 2012 3:00pm EDT
united states. >> but what about the way it was handle d? >> it's unseemly, sure, that's right. it should have been a decent transition but something was a catalyst and we still don't know the full story. >> todd, what do you think of how it was handled? >> it wasn't handled right. it's clear as day about that. but pandit also had a complicated tenure with the acquisition, $800 million in an all cash deal that just vested recently because it was a five-year investing schedule. you have to question what the culture was like at citi during this entire time. pandit went into a very stressful situation but knew he wasn't going to take on that much risk. you really needed a recovery specialist, turnaround specialist and clearly mike oneill is that person. >> meredith whitney was on this week and said no ceo can fix citi. listen to what she said. >> i don't know that anybody knows michael corbit outside of citi. anyone can go into that slot and it's mike o neill's agenda. >> the expectation is that the ceo is running things yet it looks like it's really the chairman. >> i disagree, i thi
CNBC
Oct 3, 2012 3:00pm EDT
that a majority of that cash pile is located outside the united states. so that can complicate things to some degree, right, brian? >> that's correct. it's sitting abroad right now. it's a little over $60 billion in cash. it earns very little interest. apple only pays about a 5% tax rate on that. if that were to come into the u.s., they'd pay the standard 35% u.s. tax rate. it's not doing a lot. you know, they do spend that money in the supply chain and on capital expenditures abroad. >> so with all the cash, you think they have room, david, to raise the dividend, buy back stock, tell us what you're expecting. they have been raising the d divide dividend, right? certainly more so than other companies in technology. >> they just initiated the dividend, but they should be raising it. their payout ratio is pretty low. they can raise it up to 50% of free cash flow generation. they're going to generate over $40 billion of cash this year, so they have plenty of excess cash. their balance sheet is, as you said, $117 billion. they have a war chest if they want to do acquisitions. so basically
CNBC
Oct 19, 2012 3:00pm EDT
united states and the outright monetary transactions by the european central bank. all of those things have led people to basically give a higher multiple to the earnings. that's what's happened. that was our weighted average. turns out we were too low with our bullish part, which was up only 15%. probably should have been higher. that having been said, the market's going to continue to be driven by earnings. you see this over and over. finally, last night's al smith dinner, both candidates plus the cardinal said the best looking person there was maria boo bartiromo. >> thank you. >> that was true. >> i enjoyed that tremendously. sitting right behind president obama and mitt romney was very interesting. >> trust me, we were not looking at them. >> thank you. all right. you are amazing. christian, let's talk investing here. a market down 200 points. are you a seller or buyer? >> buy into it. this earnings season is still going quite well. i know we've had two surprises, but on the top line growth. this shouldn't have been too much of a surprise because we knew we were going in to a weak
CNBC
Oct 1, 2012 3:00pm EDT
you? >> me, too. you know, 50% of the business comes from outside the united states. we want to get his take on europe for sure. oracle has been a star performer. no doubt about it. stock up 25% year to date. the problem is you have upstarts coming trying to eat their lunch in a number of ways trying to take market share with big data because you've got so much data that has changed from tradition data to things like smart swpho and biotech data. they need to get the market share back. we'll see if he'll be able to do it. >> see you in little bit, top of the hour for the second hour of "the closing bell." let you get ready for that. >>> meantime, defensive nature to the sectors that did well today led by consumer staples and health care, energy, then the financials that were leading earlier in the session. brian belski, you don't consider your play a defensive play that you like right now. in the categories where you like the dividends, where do you like? consumer staples? where do you play it? industrials? >> we're overweight staples, industrials, tech and energy because those are
FOX Business
Oct 5, 2012 3:00pm EDT
. >> when i am president, when i am president of the united states -- [ cheering ] that unemployment rate will come down, not because people are giving up and dropping out of the workforce, but because we are creating more jobs. >> only one more of these employment reports before election day. back to you. liz: right. the friday before election day. can you imagine? thank you very much. closing bell ringing in 52 minutes. when berkshire warren buffett buys a company, investors watch and listen. coming up in a fox business exclusive, we are speaking at a rare interview with the chairman, ceo and president about the $9 billion deal. how this business today. what is it like? he is coming up live only on fox business. cleveland, open for business. ♪ ♪ nicole: i am nicole petallides. it is time for the power mover. you made some money if you are short. we are looking at zynga today hitting a new low. the ipo price cut to $10 stuff, has been moving lower ever since. down. 17%. the company is cutting it outlook once again. they are directly correlating to facebook. they are not think th
CNBC
Oct 3, 2012 4:00pm EDT
lot of concern out there about growth. not just about growth here in the united states, but growth in china, growth in the eurozone, and where demand is going to come from. >> all right. steven, one thing we are expecting from these quarterly numbers is a contraction in earnings. they are expected to be negative for the third quarter. i expect it to bounce back in the fourth quarter. wrote are you expecting any big blowups? we saw norfolk southern, caterpillar, these large multinationals that are disappointing. what's on the horizon? >> we are zfdefinitely in a maturing earnings cycle. i think earnings will come in line with expectations that have been reduced dramatically. i think more importantly than the earnings may well be the top line revenue. so analysts are going to get out a microscope, be looking at revenues to see what's happening there. this is going to be a challenging environment. mandy, great point. china's deceleration is very important. it's very real. you're seeing that in commodity complex. i think that revenue line is going to be very, very important. that's pro
FOX Business
Oct 15, 2012 3:00pm EDT
: let's go macro and say do you like anything outside of the united states? or do you feel like you want to just nest around here? >> no, we do like things that have exposure outside the united states, but it is not necessarily their hugest percentage of revenue generating. liz: are you saying buy u.s. stocks that have a global footprint then? >> absolutely, yeah, and it is not all over the globe. i mean we like stocks like cinemark which i'm sure we will talk about. liz: we have talked about two sectors that looked like they have some sure footing and that would be housing and autos. great, we missed that. let's go on to what you feel will be the next winners. >> well, as i said, i think within housing there are so many different sub components. and it becomes not just real estate builders, but it's things like home depot and sherwin-williams that are kind of the next -- the next step in that. same thing within autos. it has to do with, you know, auto parts manufacturers. and that's going to happen for the next several years. assuming we stay on course and we don't go back into rec
CNBC
Oct 10, 2012 4:00pm EDT
see it going sideways. is that globally? is that just the united states? is it internationally? bear in mind, last night we heard from alcoa and klaus kleinfeld seeing a decline in demand for aluminum internationally. what about what you're seeing right now economically? >> we're seeing north america, the united states basically flat. that feels sideways. europe is down a bit, but our business in europe is heavily tilted to eastern europe and includes russia. our business is actually up in russia and eastern europe. brazil feels like the united states. china, i think china is growing at something far less than 7%. they've slowed down, and it feels more to us like 2 or 3%. >> really? >> wow. that's a real deceleration. still growing, but at a much slower pace. >> well, that's what it feels like to us in the business we're in. we're about half selling to customers who export their products and half to customers that sell domestically. if you look at things like electric power con sumts in china, it's flat. that ought to be a good indicator of the level of economic activity. i do
CNBC
Oct 11, 2012 4:00pm EDT
negative. fein today emphasizing the positive and the characteristics of the united states' economy that could be unleashed if we solve the problem. >> that's because we work in cable tv, steve. let's bring in the aforementioned rick santelli. rick, your initial thoughts. i have to say my favorite sound bite was alan simpson referring to politicians worshipping the good of re-election. that's one of the core issues here, right? we just can't get a deal done. >> i agreed with 99% of everything. as a matter of fact, i think i have about 20 santelli exchanges that represented almost every one of those clips. i agree with all of it. the only thing that i had a reservation with is i think that when lloyd blankfein talked about courageous and aggressive, it depends on which side of the receiving end of the liquidity you are. the goldmans, the primary dealers, the large banks, they're on the receiving end. other than that, i agree with everything. politicians are there to serve, but, no, they're there to get re-elected. the two gentlemen sitting there that were once politicians don't have to wo
FOX Business
Oct 16, 2012 3:00pm EDT
don't care about banking in the united states. this is not a big surprise michael o'neill tries to get him out. and then he was ousted. liz: he tells people was his decision. i believed charlie gasparino >> it is messy. if this was a smooth transition this call but has been thrown together a 4:30 p.m. when have been set up a long time ago. then mike mayo said it is poor corporate internet -- interference. sheila bair was on this network 2007 and was asked should we break up citi group? at the time she could not answer directly. interesting to hear the answer today. liz: that is a question. and you'll be on the call in the will break and with any details. said the nation's third largest bank break up? how much of the decision to push out vikram pandit had to do with regulators? one of the top regulators we have sheila bair on the phone. figgie for joining us. i have heard anybody ask you write off the bat to your gut reaction when you heard vikram pandit was out? >> this is the board doing their job. you just mentioned grolier earlier returns are down 90% since he took over. he lost
FOX Business
Oct 12, 2012 3:00pm EDT
30 some years at many different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by uniteealthcare insurance company. like all standardized medicare suppment plans, they pick up some of what medicare doesn't pay. and save you up to thousands of dollars in out-of-pocket costs. call today to request a free decision guide to help you better understand what medicare is all about. and which aarp medicare supplement plan works best for you. with these types of plans, you'll be able to visit any doctor or hospital that accepts medicare patients... plus, there are no networks, and you'll never need a referral tsee a specialist. there's a range of plans to choose from, too. and they all t
FOX Business
Oct 8, 2012 3:00pm EDT
? >> well, the fuel has to be consumed and used in the united states. liz: got it. >> and that's one of the things that confirms that we got the environmental and the economic benefit out of the fuel. the proof that detach end up in the hands of refiners and importers of oil. the fuel gets consumed, the rims get detached and they end up in the hands of exxon or bp. liz: how crucial is biodiesel fuel to economic sustainability here? we're running, if you believe some people, we're running out of it, we don't have enough of it, we can't extract petroleum, so it behooves us to look for alternatives. if it costs too much to make and you're not making money and the investors aren't making money, does it not become problematic? >> well, this year we've made on a year to date basis and, in fact, in the last quarter despite our earnings down downturn, we actually grew our volume of sales. in fact, there's good demand for biodiesel. again, we've got a commodity issue that we're working through as an industry that's a temporal activity. it's great working for our industry because our product help
FOX Business
Oct 31, 2012 3:00pm EDT
united states marketplace, particularly the floor of the new york stock exchange are open. the internet has been the biggest challenge. those people that did not have the functionality have told their customers in order to get their customers to come back another day, do not come to me today, i do not have the ability to manage your order flow and that is exactly what happened with my trading. they lost the ability. they made a smart move. that is the right way to do business. liz: i want to bring your attention to two names that were there, we have western union. we should let people know western union cut their 2013 outlook. ford motor company is a shining star here, as is, general motors. i want to get to the cme. now the storm has passed, give us a sense of commodity land and what you see here? we did the crude oil higher. >> second straight monthly loss. gold really getting to, you know, somewhat of a pullback this last month. dropping off that 1700 level. like sandra and i said last week, we will have a little bounce back and redid. the s&p, the trading is definitely down
CNBC
Oct 17, 2012 4:00pm EDT
allow more drilling in the united states and streamline environmental regulations. president obama has done neither one. >> okay. do you think oil companies control gas prices or just markets? you have to put policies in place that drive markets. >> sure, the price of oil is set on the global market, period. what is happening in the united states now is that motorists in chicago are competing for effectively the same gallon of gasoline as motorists in shanghai and mumbai. there's very little the president can do about that except stimulate production in the united states. that will contribute to the global pool of oil and therefore affect the price. >> dan, what did you think? >> robert is half right. oil prices are set on the world market, but the part he's missing is it's controlled by the opec cartel. their goal is to keep the oilg oil price between $80 and $100 a barrel, which is where it's fluctuated for the last year and a half. in fact, independent studies by the department of energy, congressional research service, and the associate the press have all found there's no correlati
CNBC
Oct 26, 2012 4:00pm EDT
united states but also obviously global issues that are well known, that create an enormous amount of needed caution in the world. i'm not sure that's going to get resolved until we have significant resolution of where we are in the macro side. >> and of course the election is also a big uncertainty there. >> it certainly is. >> do things get unlocked after november 6th? what's your take on that? and also, well let's talk about the election. what kind of impact do you think after the election, things loosen up? >> i don't agree with the theory that says that its irrelevant who wins that it's just certainty. i don't think this has ever been about just certainty. it's about a set of policies either encourage or allow business growth or set of policies that tend to diminish the ability of our economy to grow to employ people. i think the election is as many people have said, a very sequential one in terms of impact on our business because we're trying to invest in companies where we believe we can generate better than gdp growth and look at the gdp baseline as something that determine
FOX Business
Oct 4, 2012 3:00pm EDT
have 1 twenty million square feet and 450 properties in the united states, brazil:-- which parts of the united states of looking stronger? >> our business is a local business. you can go into certain markets like phoenix where people criticize phoenix for years and years and talk about how the press it is and we have done well because we on the right properties sell our business is a local business. retail is a local business and it depends how you merchandize your center. you could be in some tough markets but if you have target and bed bath and beyond, wal-mart and kohl's you will do well. liz: there is a mall where a live in new jersey and bears the bed bath and beyond, barnes and noble, couldn't stay there. they had to back out. to awhile until a craft store opened. i want to know who is not signing in your world? j.c. penney or seres? >> we have had few tenants not re-signed. that is related to the quality of the portfolio. we are having problems with renewing tenants where there is a low level of quality in your portfolio and they use leverage to say let me payless rent. liz:
CNBC
Oct 8, 2012 4:00pm EDT
advanced defense systems here in the united states than anywhere else in the world. we have a lot more intellectual property to protect on that front. >> intellectual property is something hauwei values greatly. we are the world leader in terms -- >> that's not the spirit of my question. you say they operate throughout europe. they operate throughout asia. those countries -- europe does very little in the way of its own defense, et cetera. we are the primary drivers of defense spending in the entire world. we have a lot more to protect. so, to say they're doing business in europe doesn't answer the concerns of the united states. >> i'm not sure what the connection is there. hauwei sells commercial telecommunications infrastructure. this is the plumbing through which internet traffic takes place. we don't operate any networks. the gear they deploy is built to the same global standards as our competitors and all of it is being developeded and coded and built in china to a great extent. there are vulnerabilities, but they are universal. and anyone that would purport to suggest that y
CNBC
Oct 1, 2012 4:00pm EDT
% of the business coming from outside the united states. what can you tell us about spending money, managers putting money to work in terms of i.t.? >> people will spend money if there's good return on investment, solid return on investment, people will spend. i think that's indicative of what you saw in our results. that said, there isn't a customer went do have, maria, who isn't on an austerity plan and innovation agenda at the same time. people are trying to save money. at the same time, to free them up to be able to invest. >> let me get your take on this transition or sort of the way data has transitioned. you know, traditional data, oracle has been the main company and the leadership firm there. but data is changing. and so now people are calling it big data, whether you're talking about traditional data or the data from cell phones, smartphones, biotech, a lot of health care information. what are you doing in terms of transitioning to the big data? because it does seem some of the smaller upstarts have taken some market share in some of that big data, the data that's changin
FOX Business
Oct 23, 2012 3:00pm EDT
more than three months. look at the most traded oil etf, the united states oil fund at 3.5% loss and higher-than-expected volume. the move puts us on track for the biggest percentage loss in three weeks. a fifth day of consecutive decline. gold down a whole bunch of commodities are down, it is not a great day for the market on many levels. we have traitors at the new york stock exchange, cme group and the nymex. give me something to be excited about. >> we are up 80 points, we made some bounce around 1400 on the s&p looks like support level. most people are covering some shorts and taking a shot at low-priced stocks. since we started hammering the stocks on friday and they things have gotten pretty cheap and for a while looked like they would go to higher levels for the rest of the quarter thanks to the fed but suddenly a boring fourth-quarter seemed a little more exciting. liz: i thought everybody in this economy, why aren't we seeing any kind of real bounds although we are 60 points off of the lows of the session. the dow and s&p on the lowest levels for seven weeks. where are the
FOX Business
Oct 1, 2012 3:00pm EDT
the unknowables are about to come knowable. the election in the united states, whether you are a supporter of the president or mitt romney, it really doesn't matter. we're going to have somebody is going to be running this country on the first wednesday of november. ashley: you say you've never seen a time when investors are so cranky. what do you mean by that? >> well, think of this, ashley. the markets are up mid teens for the year. this is like a party that nobody was invited to when you think about it. that's because the general mix are really not overly invested in the market. they've gone much more defensive. we see that in the weekly flows into bond mutual funds out of equity funds. and the numbers are staggering. since 2007 the cumulative totals exceed a trillion dollars into bond funds, yet the net outflow is out of domestic equity funds are approaching almost $600 million -- $600 billion, excuse me. ashley: but they're cranky, but they're also fearful, aren't they, of this fiscal cliff and a government overspending which many see as a huge, huge worry. wouldn't you agre
FOX Business
Oct 9, 2012 3:00pm EDT
news that united states attorney from the southern district of new york was going after wells fargo, it was down just about a half a percent. it kind of meandered there, this news broke shortly after 3 eastern. it is now down a full two-plus i percentage points. basically, the charge is that it's a civil mortgage fraud lawsuit against wells fargo. the government's complaint seeks damages and civil penalties in essence saying that as a result of wells fargo's alleged false certifications of mortgages, the fha, okay, has paid hundreds of millions of dollars in insurance claims on thousands of mortgages that defaulted. in essence saying that wells fargo stamped through a bunch of junkie mortgages. years later after the housing bubble implodes. so at the moment we see a big leg down, it's gapping down at the moment, down more than 2% for wells fargo. speaking of down, a big down day for netflix as the stock loses most of its gains that it got yesterday. for all of you who were saying it's finally gaining some of it back, not today. we check in with nicole we heat tease. >> reporter: tha
CNBC
Oct 30, 2012 4:00pm EDT
states as we speak. many of those states densely populated in the united states. while this was a freak storm, it's demonstrated that when our outdated power grid is tested, it fails. now, of course, we cannot control such things as the weather, so let's focus on what we can control. how we can improve our infrastructure like our power grid. to me this storm and the massive power failure should be a clarion call to address our antiquated grid to better withstand such uncontrollable events and to do this, once again, it comes down to reining in the fast growing $16 trillion debt the united states is currently saddled with. that total growing by more than $1 trillion over year. that kind of burden on america, there is little wiggle room for unforeseen events such as hurricane sandy. and think about this. we managed to accumulate this debt and run an annual $1 trillion
CNBC
Oct 31, 2012 4:00pm EDT
hurricane in the history of the united states so it's a large, severe hurricane but in terms of allstate we're well covered. >> and you are putting people up in hotels and trying to answer their claims right away is what you just said. >> we're doing everything we can. we need help contacting loved ones if they need help with water, getting clothes, getting into hotels, we have people go door to door. we do advertising, try to find them. we do everything we can to try to get to our customers because this is what it's all about. this is why you buy allstate insurance because when something like this happens you want somebody there on your side and that's what we're trying to do. >> absolutely and obviously this storm is not going to be in the earnings we're about to talk about but how significant a hit is this on your earnings for the next quarter? >> it's way too early to tell. i would say based on the size of this storm, it will be significant, but not material. this is not -- these types of events are in the normal volatility that we and our shareholders expect. >> in terms of your lat
CNBC
Oct 4, 2012 4:00pm EDT
third largest producer of oil in the world today. oil production in the united states is up 8%. we have all the natural gas. so this is going to be a huge job creator. a few weeks ago i was in germany and saw one of the ceos of the largest german factory. they're going to close a factory in one of their cities and opening a factory in charlotte. the reason why, our natural gas is now about $3.40 btu. in europe, it's over $11. in asia, it's over $18. because our natural gas prices are so much cheaper here, this factory is going to be built using the natural gas to build plastics. this ceo, this was a big multicap, large multinational german company who said there's going to be a renaissance in u.s. manufacturing because of our energy situation. >> well, this came up last night during the debate with mitt romney talking about one of the ways to create jobs is through energy in this country. >> it's happening. by the private sector right now in the natural gas area, it's happening. also in oil. so it's already happening. it's just going to start accelerating. now manufacturers are goi
FOX Business
Oct 22, 2012 3:00pm EDT
the united states, we're going to have problems. it's hard to -- liz: you have been here for two years saying that and i agree with you but the market continues to go higher. people can still make money can they not? >> i'm not saying we're not invested, and you have to pick the right chairs, but at a certain point we will all have to pay. i'm sounding like a total bear, i'm not at all, but i think there are ways to invest. right now our portfolios are about 65% of the volatility of the s&p. so we're in it, we're just not in it with both legs and what we're picking, listening to the oil and gas discussion just before me, well, we own the pipelines. we're earning 7% a year on the pipelines. we're doing just fine. are we beating the s&p? no, but that 7% is pretty solid. however, the big -- we see the earnings right now showing -- now they are showing bottom line. before it was just the top line. but we kind of saw it coming. the real question to us is -- liz: caterpillar made its bottom line but not its top line. >> that was interesting. caterpillar was -- is it still up today? i'm
FOX Business
Oct 17, 2012 3:00pm EDT
assistant director mary gallagher with the fbi. also learning from the united states attorney's office, putting out a statement saying the defendant faces charges of using a weapon of mass destruction and attempting to provide material support to al qaeda. they have the suspect in custody charged with trying to use a weapon of mass destruction and provide material support to al qaeda in this attempt, foiled attempt to blow up a bomb, did not a bomb outside the federal reserve in lower manhattan. was an fbi undercover sting, the public was never at risk. liz: no close call. the fbi on it. they are always trying to hit financial institutions in new york or big finance operations. thank you very much. we will take a quick break and come back to cliff hudson. back to the story of sonic because there are more questions. interesting investment here. of 40% year to date for the stock. stay tuned. we will finish up in a minute. bob... oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a mete
CNBC
Oct 29, 2012 4:00pm EDT
happen and what does four days of no trading in the united states mean for investors? bob pisani is with me along with cnbc contributor of "destination wealth management" and aaron hodges. what do you think the impact will be when trading does resume? you've got to believe certain people sitting on positions, either wanted to unload those positions or get new ones? what would you expect wednesday if, in fact, trading does resume? >> well, you know, it's interesting. one would think there would be this pent-up demand to trade. but i think given the fact that there's going to be such outages and so much disruption on the east coast, i expect volume to be pretty light. if volume is pretty light and we have companies actually beginning to report their earnings, which many today and tomorrow will be reporting wednesday, thursday, friday, you could actually see -- not so much from the storm, really just thin volume and see significant volatility based on earnings report. >> as people just stay out of the way. bob, are they going to be able to open the new york stock exchange and nasdaq on
CNBC
Oct 16, 2012 4:00pm EDT
more troublesome than low interest rates, and to slow the economy not only in the united states but around the world. i think there are institutions because of those various problems can take advantage of that situation that can gain market share and actually do quite well and i think wells fargo has demonstrated the ability to do just that. it has had 11 straight quarters of record earnings and has pulled as many levers as they can pull. and i think the market share gained by wells fargo is the best that we have ever done. the sector is trouble, but that doesn't mean that every participant in that sector can't do well. >> was it a mistake to let smith go? >> i don't know the answer to that question, other than you do need to slim down and focus and i think that's certainly one of the prime areas that you perhaps need to divest of versus the more commercial level of investment banking. >> thanks so much for joining us, we'll see you soon. we appreciate your time. former ceo of wells fargo, we'll take short break and we have got more reaction to the citi conference call. back in a mi
CNBC
Oct 19, 2012 4:00pm EDT
combat creeping socialism here in the united states. he's up next with what's driven him to spend almost $5 million of his own money to get his concerns out. >> later, rising from the depths on this day 25 years ago, the dow plunged 508 points. it closed at 1738, yeah. that's 1,700. we're at 13,000 now. despite today's selloff, it's trading above that 13,000 level. up next, why sticking to the sidelines may not be the best strategy over the long term. back in a moment. looking for a better place to put your cash? here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposits. now depositing a check is as easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account today and discover another reason serious investors are choosing fidelity. chances are, you're not made of money, so don't overpay for motorcycle insurance. geico, see how muc
FOX Business
Oct 29, 2012 3:00pm EDT
how is it affecting businesses in the united states? we have team coverage following the path of hurricane sandy. steve harrigan has the impact from ocean city, maryland but right now let's take it to jeff flock in point pleasant beach new jersey. jeff? jeff: a little bit of ground zero for you, liz, at this hour south jersey really in the sights of this and for the worst of the storm. it's extraordinary in i have not covered a hurricane that has been -- the on set of which has been like this, which is just steady blowing, raining, coming at you, a sandblasting you, and no let-up. usually there's a let-up. usually there are fingers, there are ribbons of intensity that come in. this is just all blow coming straight at you. take a look at this sea foam on the beach, and i will tell you, we are not that far away from low tide. the key is going to be tonight when we get to high tide here because you see that surf behind me, the wind that has been pushing that surf begins to then cooperate with the tide at about 7:16 local time here in point pleasant beach new jersey and that begins t
CNBC
Oct 22, 2012 4:00pm EDT
everybody is quiet on the home front? i don't even understand why the president of the united states would not call it what it was from day one. >> i think primarily it was this narrative that the president has been saying for so long that he got bin laden which we all appreciate but then that al qaeda is on the run. al qaeda is on the comeback, maria. they are moving back into iraq in the most significant ways. there's training camps in western libya. they are all over north africa. they've taken over northern mali and they are surging in afghanistan as we withdraw. the whole issue of libya very quickly, events that led up to it should have worn us. the on the day it happened, there was realtime footage clearly that was not any demonstration. there was no demonstration and finally after wards how the president could go out several days later saying that this demonstration was triggered by a hateful video is either, one, willfully deceiving the american people or gross incompetence which doesn't in my view qualify him to be commander in chief. >> hillary took the fall for it. is it at all
CNBC
Oct 12, 2012 4:00pm EDT
united states? the frightening details are straight ahead. >>> and at a cost. amazon reveals its making no profit on its kindle in order to get more customers to use its services. is this a sound business strategy? that answer and more ahead on the "closing bell." customer erin swenson bought from us online today. so, i'm happy. sales go up... i'm happy. it went out today... i'm happy. what if she's not home? (together) she won't be happy. use ups! she can get a text alert, reroute... even reschedule her package. it's ups my choice. are you happy? i'm happy. i'm happy. i'm happy. i'm happy. i'm happy. happy. happy. happy. happy. (together) happy. i love logistics. then don't miss sleep train's wbest rest event.st ever? you'll find sleep train's very best mattresses at the guaranteed lowest price. plus, pay no interest for 3 years on beautyrest black, stearns & foster, serta icomfort, even tempur-pedic. and rest even better with sleep train's risk-free 100-day money back guarantee. get your best rest ever from sleep train. superior service, best selection, lowest price, guaranteed. ♪ s
CNBC
Oct 15, 2012 4:00pm EDT
competitive leads to investment and job creation here in the united states. the general cut in marginal tax rates, the governor advocates, will increase small business creation. on the energy side, removing and improving energy regulations that would limit domestic production and distribution, particularly in natural ga gas are also big job creators. the governor said he would move forward on many trade agreements the administration has let slip. all of this across the board, very, very much pro growth and very much what the economy can do. >> and the point is, is to get back to growth. once you have a growing economy, that will create the revenue required to actually put it down on the deficit, is that what you're saying? >> no. the deficit and debt comes from reducing the trajectory of government spending. tax cuts don't pay for themselves. tax reform requires base broadening and bringing down the deficit requires hard choices on spending, as gov more romney said. >> looking at this new york times, martin bailey was one of the critics of the romney economic plan. he's basically saying the
CNBC
Oct 9, 2012 4:00pm EDT
, near three-year lows. you've caught capacity in the united states. would you consider closing more if prices remain sluggish in are you expecting prices to stay in the dumps? >> well, on the pricing side, we see a very interesting thing. we see on the one hand the aluminum market fundamentals are strong. we see strong demand. we just came out and basically said this year is going to be 6%. we took it down one percentage point from where we had it earlier. we've always said demand was going to double in this decade. the assumption is that it's going to grow 6%. we've seen over the years that the demand increase has been much, much higher. we see demand and supply pretty much in balance. we see strong regional premiums, which is a good indication of the physical as well as the financial demand. at the same time, the market basically has forgotten those fundamentals and sentiments basically dominates pricing. >> are you expecting it to slow down from 2012 to 2013? >> we'll see. we haven't put our '13 number out. it's still -- there's still a lot of uncertainty out there. at this point
CNBC
Oct 25, 2012 4:00pm EDT
signed the letter, maria. so, yes, i think that the debt level of the united states government is a major problem and want fiscal cliff is a major problem and it has to be dealt with very quickly by the politicians in washington. >> i mean, it is extraordinary it's business once again raising the red flag, and we're still waiting on our so-called leadership to do anything about this. >> well, what's happened, in my mind, is that the american businesses balance sheets are in very good shape. the american consumer has improved his balance sheet dramatically in the past four years, but it's the government's sector that has not improved their balance sheet in any way nor improved their spending habits. i think that the market is waiting to see the government get its spending in order and waiting to see what's going to happen with taxing and spending before businesses are going to go out and really feel good about making investments. >> unbelievable. so one area that you believe can really provide a boost to this economy, of course, is energy. you're red hot on natural gas. tell us about
FOX Business
Oct 10, 2012 3:00pm EDT
. cheryl: as the united states grapples with weak employment reports an alarming trend is developing. the health-care law and potential tax increases causing companies right now to change hiring plans. liz macdonald is here with the bottom line. great story. liz: we spoke to darden restaurants. one of the top three employers in the country. they own olive garden and red lobster. here is what they are telling fox business about the effect of hiring. they are testing four market's going through part-time workers, i'm not full time workers and considering more part-time jobs, there's no flexibility in it at all. here is the problem and the bottom line. high cost of affordable care hitting the restaurant industry and they have half of their work force already as part time because there is a lot of turnover in the industry. 75% of part-time speaking of the shift so you are not hit with a mandate tax if you don't provide coverage to part-timers. if you are below the 30 hour work week, provide health insurance for those guys but here's the problem. we did have these planned. shea benefits plans
FOX Business
Oct 24, 2012 3:00pm EDT
, writers, and janitors, goldman sachs, i love you all. when we started our company, inflation in the united states was 12.5%. unemployment 10.5%. you waited in line for gasoline. we were excited just to be able to pay our bills one week late. if we had any earnings we were the happiest people in the world. -@it took us two years before wt we had what we would call money we could distribute to ourselves. liz: what is with these companies complaining about uncertainty. i have read the number one thing businesses always complain about is uncertainty. why is it getting so much traction now? >> i would say with all due respect it is an excuse. you look at paul mitchell, they have grown every year in the last four years. now why have they grown? we know times are tough, times are little different, we have to work a little bit harder, a little longer and do things a little bit smarter and while we are doing this we have to take care of the rest of the nation. our students in three months raised $2.7 million. these are students in school, 115 schools, did they say the economy is bad, no way we will
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